Stock Market & Financial Investment News

New Source Energy reports Q1 EPS (12c), may not compare to consensus 37cReports Q1 revenue $27.4M, consensus $21.72M. The company said, "Net loss was $1.5M, or 12c per basic and diluted common unit for Q1, which includes derivative losses of $3.1M or 31c per basic and diluted common unit, due to commodity contract prices rising against New Source's longer-term contracts."

New Source Energy suspends quarterly cash distributionNew Source Energy Partners announced earlier that the board of its General Partner has decided to suspend the cash distribution on common units. Kristian Kos, Chairman and CEO said: "The continued low commodity price environment coupled with current market conditions have led the Board of Directors to suspend the cash distribution on our common units. Preservation of this capital allows the Partnership to focus on executing our plan to restructure the business and position the Partnership for growth. We will continue to analyze accretive acquisitions to grow the E&P business while we explore the best opportunity to execute our restructuring plan to deliver value to our unitholders via a potential monetization or spin-out of our OFS business." New Source shares are down more than 32% to $1.75 in early trading.